On September 21, 2016, the Senate Committee on Finance voted unanimously to end the “Stretch IRA,” as part of the Retirement Enhancement and Savings Act of 2016 (“RESA”). However, before it becomes law, it must be approved by both houses and signed off on by President Trump. The Stretch IRA […]
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Related Practice: Taxation
Imagine that you decide to relocate from New Jersey to Florida, hoping to escape the cold weather and one of the nation’s highest state income taxes, a whopping 8.97% on income over $500,000. You pack up some of your personal belongings, but you still maintain your home in New Jersey […]
On October 14, 2016, Governor Chris Christie officially signed legislation implementing a new tax package to raise money for the Transportation Trust Fund to help repair New Jersey’s crumbling infrastructure. But this law also made significant other changes to New Jersey’s tax laws. Most importantly, the new law includes a […]
Effective January 1, 2016, a seriously delinquent tax debt may result in the loss of your U.S. passport. If you have unfiled tax returns or if you owe more than $50,000 to the Internal Revenue Service (“IRS”), the State Department can now revoke your passport. In addition, the State Department […]